Pension Bulletin: UC’s Benefit Choices – All Tricks and No Treats

UC executives’ misplaced priorities are putting the pension plan at risk! UC did not put a single penny into our pension for 20 years. Now, to avoid paying their fair share, UC executives are proposing major changes to our benefits. These cuts would not only hurt our ability to recruit and retain quality staff for patient care and public services, the cuts would also put a greater burden on state services by forcing low-wage workers to retire in poverty.

WE CHOOSE: None of the above!

Don’t be fooled! These changes will not be necessary if UC agrees to pay their fair share. We must fight any plan to create two-tier benefits!

Let’s take a closer look –

FACT: “Option” 1 forces low-wage workers into poverty and hurts recruitment of front-line patient care and public service workers. If we contribute, UC should increase our wages.

FACT: “Option” 2 is a sham. A Defined Benefit Plan like our Pension guarantees benefits when we retire. Defined Contribution Plans, such as a 403B, put workers at the mercy of the stock market. It also hurts our retirement fund by taking people out of it, and it hurts our ability to retain staff.

FACT: “Option” 3 forces workers into second rate benefits. UC should cut the $4 million in extra retirement perks for executives and start paying their fair share into the pension now!